Chinese miners began to leave the country under pressure from the authorities
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Bitmain, the largest Chinese manufacturer of mining equipment, began shifting its facilities outside the country. According to Bithain co-founder Jihan Wu, the company has already opened a headquarters in Singapore, and has also launched mining operations in the US and Canada. This is reported by Bloomberg.
In addition, the third largest in China mining-pool BTC.top opened a unit in Canada. Another large pool, ViaBTC, opened branches in Iceland and the USA. Such measures are caused by the increased pressure of the Chinese authorities on the crypto industry.
So, in the past year, the country's authorities banned primary offers of coins, after which over 90% of local ICO start-ups returned funds to investors. In addition, the largest crypto-exchange markets of China were closed.
This week, the government put forward several proposals designed to limit the exponential growth of the mining industry. So, some officials suggested limiting the energy consumption in this industry and asking local departments to "direct the miners towards systematic exit from business."